Jay Z Jumps Into Music Streaming With Aspiro Buy

Watch out Dr. Dre, Jay Z is also getting into the music-streaming business.

The superstar rapper is buying Spotify rival Aspiro for $56 million, adding to his already vast business empire, which includes bars like the 40/40 Club and Rocawear clothing.

The acquisition was announced Friday by a company called Project Panther Bidco Ltd, which is controlled by Jay Z's S. Carter Enterprises. According to the news release, Panther has agreed to buy Aspiro for 464 million Swedish crowns ($56 million) in cash.

You may have never heard of Aspiro, but it's a big name in the streaming-music market. The Scandinavian company owns the recently launched Tidal streaming service as well as Norway's WiMP Music. Tidal is available in the U.S. and the U.K., while WiMp is only available in Norway, Denmark, Sweden, Germany, and Poland.

As VentureBeat notes, the acquisition gives Jay Z an entry into the U.S. streaming market, which is already crowded with competitors like Spotify, Rdio, and Beats Music, among others. It also aligns Hova with fellow rapper Dr. Dre, who co-founded Beats Electronics, which offers the Beats Music streaming service here in the U.S.

Meanwhile, the now Jay Z-owned Tidal differentiates itself from other music-streaming services with the promise of better sound. The company offers CD-quality streams, which are around four times better than competitors, but you'll pay $20 a month for the privilege, compared to the standard $10 a month fee Spotify, Rdio, and Deezer charge, according to VentureBeat.